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Q&A Forum

Payment posted to AR but deposited in the following month, how to treat?

Title: Accounting Manager
Company: MCS
(Accounting Manager at MCS)
Hello, I have a scenario where payments were posted to AR at the end of the month but payments were not deposited until the following month. In order for AR Aging to balance to GL I ...
83 Views | 1 Answers/Comments

SEP IRA Balance in Quickbooks

So I had a sole proprietor and was making SEP IRA contributions, but everything was run through my personal account.  I switched to an s-corp.  Do I need to 'transfer' the balance of ...
58 Views | 0 Answers/Comments

Interest expense causing imbalance

Arl Boyd
Title: Owner
Company: Frozen Yogurt
(Owner at Frozen Yogurt)
I am sure it is an easy answer but I just can't figure out what i am missing? Thank you! Trial Balance Notes Payable ($9,800) Interest expense $100 Cash $9,700 ...
1674 Views | 3 Answers/Comments

Inventory Supplies Policy

(Corporate Controller)
Hello, I'm new to this forum and have a question about how those of you in manufacturing or other similar industries treat your inventory policy for materials and supplies. I'm relat...
6226 Views | 1 Answers/Comments

How do big tech companies conclude that internal use software development is expensed, not capitalized?

Tech companies such as Google, Facebook, Snap, Amazon, Spotify, Dropbox, Box, Pinterest, Lyft state in their 10k that software development costs are immaterial, so they expense and don'...
93 Views | 0 Answers/Comments

how to recognize termination benefits (commitment fees) under these special conditions?

(AR Accountant)
A company offering its service to clients by time-specified contract and non-time-specified contracts. if that service cancelled either as a result of client asking or; accumulation of...
38 Views | 0 Answers/Comments

Getting back into the game

Laura Gray
Title: Tax Preparer
Company: Self-Employed
(Tax Preparer at Self-Employed)
I currently own my own tax business due to taking it over when my mother in law passed away last year. However, my background is Accounting, including I have my Masters in Accounting. ...
51 Views | 0 Answers/Comments

Outsourcing Your Accounting Services can Make Your Business Better

Blair Illiano
Title: N/A
Company: N/A
(N/A at N/A)
Running your own in-house accounting services may have worked well for your business so far, but if you’re looking to cut some costs and save some money, then outsourcing your acc...
31757 Views | 4 Answers/Comments

How do cell phone providers account for the cost they pay on a new customer's behalf to early term their old contract?

Marcy Camper
Title: SEC Reporting Analylyst
Company: Atlas
(SEC Reporting Analylyst at Atlas)
I'm trying to figure out if we can capitalize costs paid on behalf of a new customer to terminate their old provider contract. To me, this falls under the category of costs to acquire ...
47 Views | 0 Answers/Comments

How frequently is your Company planning on updating its IBR under ASC 842?

(Senior Manager Retail Accounting)
Is your Company updating the IBR on every date a new lease is booked or is a rate updated monthly or quarterly and then used for all leases booked in that time period?
64 Views | 1 Answers/Comments

C-Corp Parent owning 3 SMLLC's

Hi Everyone, I have a question on expense sharing. My client has a 3 LLC's soon to be owned by C-CORP parent and 3 LLC's will become SMLLC's. It is a small company but growing. I...
52 Views | 0 Answers/Comments

Business vehicle purchase with trade-in and depreciation

Maxanne Pierce
Title: Bookkeeper
Company: Seacoast Modular Homes, Inc.
(Bookkeeper at Seacoast Modular Homes, Inc.)
I need some assistance with an entry for a new vehicle purchase with a vehicle trade-in, including depreciation and removal of the old fixed asset. I have all of my numbers but I am not...
66 Views | 1 Answers/Comments

Balance Sheet Reconciliation Template

(Accounting Manager)
Anyone willing to share the template they use for balance sheet recons? We are a smallish start up that hasn't done them in the past. I'm hoping someone is willing to share a good tem...
78 Views | 0 Answers/Comments

US Commercial Paper Buy Back

(Assistant Accountant)
When we buy back US Commercial Paper from investor, using fair value through P&L what will be journal entries for below. - how to account for break fee get charged for the swap (cros...
51 Views | 0 Answers/Comments

Assets write off(Basics)

Cristina De Franco
Title: Owner
Company: Global Sur Financial
(Owner at Global Sur Financial)
First time QBO user I created three assets to practice the entries for depreciation in QB for my service company. However, I'm not going to need them. Because of the threshold I could ...
54 Views | 0 Answers/Comments

Voucher numbering

(Financial Manager)
I work for an organization which utilizes Quickbooks (QB) desktop. Expenses are recorded on vouchers, which are sequentially numbered with a stamp. QB is very limited and has fields f...
59 Views | 0 Answers/Comments

Debt Collection

We had a sales employee on their own accord, threaten one of our customers that we'd send their debt to a collections agency in the next 7 days, when currently we don't have any intenti...
5865 Views | 1 Answers/Comments

Can the balance on the credit side of the Director's current account be transfered to Share capital?

The company authorized and paid up share capital is N1,000,000 and director current account balance is showing N78,000,000 in the previous year balance sheet. During the year under rev...
60 Views | 0 Answers/Comments

Recording Prepaid Expenses

Came across an interesting issue at work... Had an invoice that was approved in late December 2018, crediting AP and debiting prepaid expenses as it was for Q1 2019. However, it was act...
86 Views | 0 Answers/Comments

VAT overcharged

MAYU Theva
Title: Accountant
Company: Awal
(Accountant at Awal)
We are a small budget residence. We have by mistakenly invoiced VAT twice. And the customer (walk in) has also paid for it. How do we have to account that. Room charge - 25 Vat cha...
90 Views | 0 Answers/Comments

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